CTC Media Reports Second Quarter 2007 Financial Results

CTC Media Reports Second Quarter 2007 Financial Results

- Consolidated Revenue Increases 9.1% to $112.1 Million -

- OIBDA(1) of $51.4 Million -

- Net Income of $30.7 Million, $0.19 Earnings Per Share -

MOSCOW, July 30 /PRNewswire-FirstCall/ -- CTC Media, Inc. (NASDAQ:CTCM), a leading television broadcaster in Russia, today reported financial results for the three- and six-month periods ended June 30, 2007.

US$ 000's, except per share data

Three months ended Six months ended
June 30, June 30,
2006 2007 Change 2006 2007 Change

Total operating
revenues $102,758 $112,147 9.1% $181,981 $216,268 18.8%
Total operating
expenses (53,549) (66,853) 24.8% (99,704) (132,458) 32.9%

OIBDA(1) 54,392 51,422 (5.5)% 91,198 95,710 4.9%

Net income $34,110 $30,692 (10.0)% $56,765 $58,815 3.6%
Earnings per share $0.23 $0.19 (17.4)% $0.38 $0.37 (2.6)%

(1) OIBDA is defined as operating income before depreciation and
amortization (exclusive of amortization of programming rights and
sublicensing rights). OIBDA is a non-GAAP financial measure. Please
refer to Attachment A for a reconciliation of OIBDA to net income.

Financial Highlights
-- Consolidated revenue increased 9% to $112.1 million in the second
quarter and 19% to $216.3 million in the first six months of 2007
-- OIBDA declined 6% to $51.4 million in the second quarter and increased
5% to $95.7 million in the first six months of 2007
-- Net income declined 10% to $30.7 million in the second quarter and
increased 4% to $58.8 million in the first six months of 2007
-- $0.19 and $0.37 fully diluted earnings per share for the three- and
six-month periods ended June 30, 2007

Corporate Highlights
-- CTC Network audience share was 8.9% in the second quarter of 2007
compared to 9.3% in the first quarter of 2007 and 11.7% in the second
quarter of 2006 (which was an all-time quarterly record for CTC largely
due to the mega-hit series, Born Not Pretty)
-- Domashny Network audience share was 2.0% in the second quarter of 2007
compared to 1.9% in the first quarter of 2007 and significantly higher
than 1.3% in the second quarter of 2006
-- Further strengthened portfolio of owned-and-operated stations by adding
three stations in important new markets: Domashny station in the
strategic city of Vladivostok, and, in July, CTC and Domashny stations
in Irkutsk
-- Acquired the remaining 50% interest in our successful CTC TV Station in
Kazan

Alexander Rodnyansky, Chief Executive Officer, stated, "The Russian television market remains robust and CTC continues to build upon its brands and unique market position as we target the younger audiences coveted by advertisers. In the second quarter we faced difficult comparisons from the year ago period in which revenue increased 83% and OIBDA improved 106% driven by the conclusion of our mega-hit Born Not Pretty and a surge in spot advertising demand in advance of new advertising regulations which were implemented on July 1, 2006. Nonetheless, in the quarter we grew our top-line and maintained impressive OIBDA and net income margins of 46% and 27%, respectively.

"We continue to build our presence in key local markets in Russia, strengthening Domashny's technical penetration and at the same time expanding our access to the larger local growth markets. Also, we successfully acquired the remaining interest in our CTC station in Kazan, one of our more successful stations, which will allow us to fully consolidate the value of our programming in this important market.

"Audience share results at CTC Network came in lower than our internal expectations. This was partially offset by another strong performance of our Domashny Network which grew audience share to 2.0%, an increase of 54%, from 1.3% in the second quarter of 2006, and generated positive OIBDA for the third consecutive quarter. As we look to the important fall 2007 programming season we remain focused on building upon our audience shares. We have scheduled a record number of premieres for CTC Network, based on successful foreign and Russian formats, and expect the positive momentum at Domashny to continue as we expand our audience reach and improve programming.

"While the third quarter is historically the smallest for ratings and revenue as a result of the summer season, we are optimistic about our innovative programming schedule for the coming fall season, which will feature our highly successful Russian series Cadets, a Sci-Fi drama series Heroes and original Russian shows based on formats such as American Idol and Are You Smarter Than A Fifth Grader?"

Results for the Three Months Ended June 30, 2007

CTC Media's total operating revenue for the three months ended June 30, 2007, increased 9.1% to $112.1 million from $102.8 million for the three months ended June 30, 2006. The revenue growth reflects the continued growth of the Russian television advertising market, which partially offset difficult comparisons from the year ago period in which revenue increased 83% primarily driven by the performance of the Company's flagship CTC Network. Revenues were also favorably impacted by the significantly lower commission rate paid by our owned-and-operated stations to Video International in the second quarter of 2007 in connection with the variable commission rate negotiated through 2007.

CTC Network's audience share was 8.9% for the second quarter of 2007. CTC remains the fourth most watched broadcaster in Russia overall. Domashny's audience share grew from 1.3% for the three months ended June 30, 2006, to 2.0% for the three months ended June 30, 2007. As a result, CTC Media's combined audience share was 10.9% in the second quarter of 2007 as compared to a record 13.0% in the second quarter of 2006.

Consolidated total operating expenses in the second quarter of 2007 increased by 24.8% to $66.9 million, in line with expectations and compared to $53.5 million in the second quarter of 2006. The increase in total operating expenses in absolute terms was primarily driven by an increase in amortization of programming and sublicensing rights expenses, and increases in selling, general and administrative costs, that included $3.5 million of stock-based compensation expense and increased promotional costs.

OIBDA decreased 5.5% to $51.4 million for the second quarter of 2007 compared to $54.4 million, or an increase of 106%, in the second quarter of 2006. The OIBDA margin was a strong 45.9%, although down from 52.9% in the second quarter of 2006.

Operating income for the quarter was $45.3 million compared with $49.2 million for the three months ended June 30, 2006, a 8.0% decrease. Operating income as a percentage of total operating revenue was a strong 40.4% in the second quarter of 2007, although down from 47.9% in the second quarter of 2006.

Net income for the quarter was $30.7 million compared to $34.1 million for the three months ended June 30, 2006. Fully diluted income per share was $0.19 for the three months ended June 30, 2007, compared to $0.23 for the three months ended June 30, 2006.

Results for the Six Months Ended June 30, 2007

CTC Media's total operating revenue for the six months ended June 30, 2007, increased by 18.8% to $216.3 million from $182.0 million for the six months ended June 30, 2006.

Consolidated total operating expenses for the first six months of 2007 increased by 32.9% to $132.5 million compared to $99.7 million for the first six months of 2006.

OIBDA increased 4.9% to $95.7 million for the first six months of 2007 compared to $91.2 million for the first six months of 2006. OIBDA margin for the six-month period was a strong 44.3%, although down from 50.1% in the first six months of 2006.

Operating income for the first six months of 2007 was $83.8 million compared with $82.3 million for the first six months of 2006, an increase of 1.9%. Operating income as a percentage of total operating revenue was a strong 38.8% for the first six months of 2007, although down from 45.2% in the first six months of 2006.

Net income for the six months ended June 30, 2007 was $58.8 million compared to $56.8 million for the six months ended June 30, 2006. Fully diluted income per share was $0.37 for the six months ended June 30, 2007, compared to $0.38 for the six months ended June 30, 2006.

Guidance

For the full year ending December 31, 2007, the Company reconfirms its guidance for consolidated total operating revenue in the range of $460 to $500 million, with a consolidated OIBDA margin in the range of 45-48%.

Conference Call

The Company will also host a conference call to discuss its second quarter 2007 financial results today, Monday, July 30, at 9 a.m. ET, corresponding to 5 p.m. Moscow time. To access the conference call, please dial +1 973 582 2741 (international) or 8108 002 531 1012 (Russia) and reference pass code 8982560. A live webcast of the conference call will also be available on the investor relations portion of the Company's corporate web site, located at www.ctcmedia.ru. A replay of the conference call will be available through Monday, August 13, 2007, at midnight ET. The replay can be accessed by dialing +1 973 341 3080. The pass code for the replay is 8982560. The webcast will also be archived on the Company's web site for two weeks.

About CTC Media, Inc.

Based in Moscow, CTC Media, Inc. was formed in 1989 to pursue commercial media and advertising opportunities in Russia. The Company owns and operates the CTC television network, whose signal is carried by more than 340 affiliate stations, including 18 owned-and-operated stations; and the Domashny television network, whose signal is carried by over 220 affiliate stations, including ten owned and operated stations. The Company is traded on the NASDAQ Global Select Market under the symbol: "CTCM". For more information on CTC Media, please visit: www.ctcmedia.ru.

Contacts:
CTC Media, Inc.
Dmitry Barsukov, Katya Ostrova (investors)
+ 7 495 783 3650
ir@ctcmedia.ru

Konstantin Vorontsov (media)
+ 7 495 785 6333

Brainerd Communicators, Inc.
Jenna Focarino (media)
Michael Smargiassi (investors)
+1 212 986 6667

Certain statements in this press release that are not based on historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which include, among other things, guidance on our projected total operating revenues and OIBDA margin for the year ending December 31, 2007, expectations regarding the performance of our fall 2007 programming season at both our networks and our ability to execute on our growth strategy, reflect the Company's current expectations concerning future results and events. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of CTC Media to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties that could cause actual future results to differ from those expressed by forward-looking statements include, among others, risks related to our ability to deliver audience share, particularly in primetime and in the fourth quarter of 2007, further limitations on the amount of advertising time permitted on Russian television from 2008; changes in the size of the Russian television advertising market; free-to-air television remaining a significant advertising forum in Russia; our reliance on a single television advertising sales house for substantially all of our revenues; and restrictions on foreign involvement in the Russian television business. These and other risks are described in the "Risk Factors" section of CTC Media's annual report on Form 10-K filed with the SEC on March 1, 2007. Other unknown or unpredictable factors could have material adverse effects on CTC Media's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed herein may not occur. You are cautioned not to place undue reliance on these forward-looking statements. CTC Media does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

(See attached financial statements)

Attachment A

SUPPLEMENTAL DISCLOSURES
REGARDING NON-GAAP FINANCIAL INFORMATION

OIBDA is defined as operating income before depreciation and amortization (exclusive of amortization of programming rights and sublicensing rights). The Company believes that this metric is an appropriate and useful measure for evaluating the core current operating performance of its business. This metric is used by management to further its understanding of the Company's operating performance in the ordinary, ongoing and customary course of operations. The Company also believes that it provides investors and equity analysts with a useful basis for analyzing operating performance against historical data and the results of comparable companies.

The most directly comparable GAAP measure to the non-GAAP measure of OIBDA is net income. Unlike net income, OIBDA excludes depreciation and amortization, other than amortization of programming rights and sublicensing rights. The purchase of programming rights is the Company's most significant expenditure that enables it to generate revenues and OIBDA includes the impact of the amortization of these rights. Expenditures for capital items such as property, plant and equipment have a materially less significant impact on the Company's ability to generate revenues. For this reason, the Company excludes the related depreciation expense for these items from OIBDA. Moreover, a significant portion of its intangible assets were acquired in business acquisitions. The amortization of intangible assets is therefore also excluded from OIBDA.

OIBDA also excludes other components of net income that the Company does not consider to be indicators of its core operating performance. Accordingly, it excludes from core operating performance certain items over which it does not have substantial managerial influence and that are not reflective of ordinary, ongoing and customary course activities. Such non-core items include foreign currency gains and losses, interest income and expense, gains on the sale of businesses, other non-operating gains and losses, equity in the income of investee companies that the Company does not control, income tax expense, and income attributable to minority interest shareholders.

Because OIBDA is not a GAAP measurement of financial performance, there are material limitations in its usefulness on a stand-alone basis, including the lack of comparability to the GAAP financial results of other companies. It should be considered in addition to, and not as a substitute for, net income. The items excluded from OIBDA are significant components in assessing our overall financial performance.

The following table presents a reconciliation of the Company's consolidated OIBDA to consolidated net income for the three- and six-month periods to June 30, 2006 and 2007:

Three months ended Six months ended
June 30, June 30,
2006 2007 2006 2007
(in thousands and unaudited)

OIBDA $54,392 $51,422 $91,198 $95,710
Depreciation and amortization
(exclusive of amortization of
programming rights and
sublicensing rights) (5,183) (6,128) (8,921) (11,900)
Operating income 49,209 45,294 82,277 83,810
Foreign currency gains (losses) 242 (115) 1,321 (88)
Interest income 282 2,545 325 4,629
Interest expense (607) (2) (1,773) (2)
Gains on sale of businesses 782 747 782 747
Other non-operating (losses)
income, net (289) 858 (80) 879
Equity in income of investee
companies 723 682 886 1,193
Income before income tax and
minority interest 50,342 50,009 83,738 91,168
Income tax expense (14,923) (17,787) (24,960) (29,932)
Income attributable to minority
interest (1,309) (1,530) (2,013) (2,421)
Net income $34,110 $30,692 $56,765 $58,815

In this press release, the Company provides guidance on the Company's consolidated OIBDA for the year ending December 31, 2007. The following table presents a reconciliation of the Company's projected OIBDA, based on the mid- point of the provided range, to projected operating income for the year ending December 31, 2007. To further reconcile operating income to net income, foreign currency gains (losses), interest income, interest expense, gains (losses) on the sale of businesses, other non-operating gains (losses), equity in income of investee companies, income tax expense and income attributable to minority interest would need to be added and/or subtracted, as appropriate, from operating income. The Company does not provide a quantitative reconciliation of projected consolidated OIBDA to projected consolidated net income because it believes that such a reconciliation is not available without unreasonable efforts.

Year ending
December 31, 2007
(projected)
(in thousands)
OIBDA $223,200
Depreciation and amortization (exclusive of
amortization of programming rights and
sublicensing rights) (21,900)
Operating income $201,300

Attachment B

SEGMENT FINANCIAL INFORMATION
(in thousands of US dollars and unaudited)

Three Months Ended June 30, 2006

Elimin-
CTC Domashny Business ations Consol-
CTC Domashny Station Station segment and idated
Network Network Group Group results other results

Operating
revenue $75,518 $4,983 $19,151 $3,239 $102,891 $(133) $102,758
Operating
income/(loss) 45,008 (1,363) 12,533 (2,001) 54,177 (4,968) 49,209
Total assets 243,774 26,362 70,923 65,884 406,943 16,834 423,777
Capital
expenditures (169) (25) (407) (410) (1,011) (42) (1,053)
Depreciation
and amorti-
zation (272) (138) (1,288) (2,981) (4,679) (504) (5,183)
Amortization
of programming
rights (24,701) (4,156) (763) (14) (29,634) 34 (29,600)
Amortization
of sublicen-
sing rights (1,174) - - - (1,174) - (1,174)

Three Months Ended June 30, 2007

Elimin-
CTC Domashny Business ations Consol-
CTC Domashny Station Station segment and idated
Network Network Group Group results other results

Operating
revenue $75,633 $9,001 $23,755 $4,207 $112,596 $(449) $112,147
Operating
income/(loss) 39,000 78 16,044 (2,549) 52,573 (7,279) 45,294
Total assets 363,730 35,047 75,305 60,612 534,694 33,223 567,917
Capital
expenditures (153) (81) (490) (548) (1,272) (11) (1,283)
Depreciation
and amorti-
zation (246) (154) (1,772) (3,428) (5,600) (528) (6,128)
Amortization
of programming
rights (30,291) (6,296) (1,133) 1 (37,719) 70 (37,649)
Amortization
of sublicen-
sing rights (1,462) - - - (1,462) - (1,462)

Six Months Ended June 30, 2006

Elimin-
CTC Domashny Business ations Consol-
CTC Domashny Station Station segment and idated
Network Network Group Group results other results

Operating
revenue $137,738 $9,294 $30,404 $4,773 $182,209 $(228) $181,981
Operating
income/(loss) 78,965 (3,077) 18,614 (4,766) 89,736 (7,459) 82,277
Total assets 243,774 26,362 70,923 65,884 406,943 16,834 423,777
Capital
expenditures (374) (58) (763) (1,033) (2,228) (55) (2,283)
Depreciation
and amorti-
zation (543) (266) (2,287) (4,801) (7,897) (1,024) (8,921)

Amortization
of programming
rights (47,622) (7,942) (1,488) (22) (57,074) 64 (57,010)
Amortization
of sublicen-
sing rights (2,049) - - - (2,049) - (2,049)

Six Months Ended June 30, 2007

Elimin-
CTC Domashny Business ations Consol-
CTC Domashny Station Station segment and idated
Network Network Group Group results other results

Operating
revenue $152,246 $17,533 $40,058 $7,405 $217,242 $(974) $216,268
Operating
income/(loss) 78,403 508 23,661 (5,050) 97,522 (13,712) 83,810
Total assets 363,730 35,047 75,305 60,612 534,694 33,223 567,917
Capital
expenditures (325) (105) (1,179) (976) (2,585) (150) (2,735)
Depreciation
and amorti-
zation (506) (305) (3,304) (6,733) (10,848) (1,052) (11,900)
Amortization
of programming
rights (58,210) (11,604) (2,303) - (72,117) 115 (72,002)
Amortization
of sublicen-
sing rights (5,865) - - - (5,865) - (5,865)

CTC MEDIA, INC, AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands of US dollars, except share and per share data)

Three months ended Six months ended
June 30, June 30,
2006 2007 2006 2007
REVENUES:
Advertising $99,563 $108,274 $176,462 $205,925
Sublicensing and other
revenues 3,195 3,873 5,519 10,343
Total operating
revenues 102,758 112,147 181,981 216,268

EXPENSES:
Direct operating expenses
(exclusive of amorti-
zation of programming
rights and sublicensing
rights) (3,995) (4,563) (7,666) (8,898)
Selling, general and
administrative (exclusive
of depreciation and
amortization) (13,597) (17,051) (24,058) (33,793)
Amortization of
programming rights (29,600) (37,649) (57,010) (72,002)
Amortization of
sublicensing rights (1,174) (1,462) (2,049) (5,865)
Depreciation and amorti-
zation (exclusive of
amortization of
programming rights
and sublicensing rights) (5,183) (6,128) (8,921) (11,900)
Total operating
expenses (53,549) (66,853) (99,704) (132,458)
OPERATING INCOME 49,209 45,294 82,277 83,810
FOREIGN CURRENCY GAINS
(LOSSES) 242 (115) 1,321 (88)
INTEREST INCOME 282 2,545 325 4,629
INTEREST EXPENSE (607) (2) (1,773) (2)
GAINS ON SALE OF BUSINESSES 782 747 782 747
OTHER NON-OPERATING (LOSSES)
INCOME, net (289) 858 (80) 879
EQUITY IN INCOME OF
INVESTEE COMPANIES 723 682 886 1,193
Income before income tax
and minority interest 50,342 50,009 83,738 91,168
INCOME TAX EXPENSE (14,923) (17,787) (24,960) (29,932)
INCOME ATTRIBUTABLE TO
MINORITY INTEREST (1,309) (1,530) (2,013) (2,421)
NET INCOME $34,110 $30,692 $56,765 $58,815

Net income attributable
to preferred
stockholders $(11,594) - $(22,989) -
Net income attributable
to common stockholders $22,516 $30,692 $33,776 $58,815
Net income per share
attributable to common
stockholders - basic $0.24 $0.20 $0.40 $0.39
Net income per share
attributable to common
stockholders - diluted $0.23 $0.19 $0.38 $0.37

Weighted average common
shares outstanding
- basic 94,080,899 151,565,124 83,846,170 151,547,155
Weighted average
common shares
outstanding -
diluted 151,411,235 158,333,143 148,194,250 157,939,836

CTC MEDIA, INC, AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of US dollars)

Six months ended June 30,
2006 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $56,765 $58,815
Adjustments to reconcile net income to net
cash provided by operating activities:
Deferred tax expense (benefit) (3,629) (3,980)
Depreciation and amortization 8,921 11,900
Amortization of programming rights 57,010 72,002
Amortization of sublicensing rights 2,049 5,865
Stock based compensation expense 1,103 6,536
Gain on disposal of property and equipment (306) (748)
Gains on sale of businesses (782) (747)
Equity in income of unconsolidated investees (886) (1,193)
Income attributable to minority interest 2,013 2,421
Foreign currency (gains) losses (1,321) 88
Changes in operating assets and liabilities:
Trade accounts receivable (6,945) (3,988)
Prepayments 2,203 981
Other assets (429) (215)
Accounts payable and accrued liabilities 532 2,961
Deferred revenue 229 3,780
Other liabilities 670 (3,049)
Dividends received from equity investees 120 1,227
Acquisition of programming and sublicensing
rights (63,960) (73,549)
Net cash provided by operating
activities 53,357 79,107
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment (2,209) (2,531)
Acquisitions of intangibles - (204)
Acquisitions of businesses, net of cash
acquired (19,543) (14,572)
Proceeds from sale of businesses, net
of cash disposed 882 751
Proceeds from sale of property and
equipment 606 1,990
Other investing activities (62) 3
Net cash used in investing activities (20,326) (14,563)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuances of common stock 105,041 -
Common stock issuance costs (331) -
Proceeds from exercise of stock options 5,856 1,114
Proceeds from loans 19,000 -
Repayments of loans (60,384) -
Decrease (increase) in restricted cash (49) (40)
Dividends paid to minority interest (1,735) (2,392)
Net cash provided by (used in)
financing activities 67,398 (1,318)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS 905 2,279
Net increase (decrease) in cash and cash
equivalents 101,334 65,505
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 15,300 176,542
CASH AND CASH EQUIVALENTS AT END OF PERIOD $116,634 $242,047

CTC MEDIA, INC, AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of US dollars, except share and per share data)

December 31, June 30,
2006 2007
ASSETS

CURRENT ASSETS:
Cash and cash equivalents $176,542 $242,047
Trade accounts receivable, net of allowance
for doubtful accounts 8,640 13,397
Taxes reclaimable 4,399 4,759
Prepayments 38,302 27,634
Programming rights, net 41,634 50,301
Deferred tax asset 6,263 6,748
Other current assets 2,875 1,889
TOTAL CURRENT ASSETS 278,655 346,775

RESTRICTED CASH 120 160

PROPERTY AND EQUIPMENT, net 22,388 22,183
INTANGIBLE ASSETS, net:
Network affiliation agreements 3,333 2,333
Trade names 5,888 5,918
Broadcasting licenses 43,387 48,715
Cable network connections 409 136

Other intangible assets 354 401

Net intangible assets 53,371 57,503
GOODWILL 70,768 71,614
PROGRAMMING RIGHTS, net 24,267 30,969
SUBLICENSING RIGHTS, net 7,611 2,729
INVESTMENTS IN AND ADVANCES TO INVESTEES 9,319 9,541
PREPAYMENTS 8,713 16,460
DEFERRED TAX ASSET 9,077 9,347
OTHER NON-CURRENT ASSETS 508 638

TOTAL ASSETS $484,797 $567,919

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable $13,353 $20,264
Accrued liabilities 5,508 7,833
Taxes payable 11,528 9,136
Short-term loans and interest accrued - -
Deferred revenue 12,440 17,332
Deferred tax liability 2,937 1,938
Other current liabilities 600 162

TOTAL CURRENT LIABILITIES 46,366 56,665
LONG TERM LOANS 210 212

DEFERRED TAX LIABILITY 14,080 15,074
MINORITY INTEREST 3,124 2,223
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock; $0,01 par value; shares
authorized 175,772,173;shares issued and
outstanding December 31, 2006 - 151,505,672;
June 30, 2007 - 151,700,716) 1,515 1,517
Additional paid-in capital 327,587 335,235
Retained earnings 73,954 132,769
Accumulated other comprehensive income 17,961 24,224
TOTAL STOCKHOLDERS' EQUITY 421,017 493,745

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $484,797 $567,919

First Call Analyst:
FCMN Contact:

Source: CTC Media, Inc.

CONTACT: Investors: Dmitry Barsukov, or Katya Ostrova, +7-495-783-3650,
ir@ctcmedia.ru, Media: Konstantin Vorontsov, +7-495-785-6333, all of CTC
Media, Inc.; Media: Jenna Focarino, or Investors: Michael Smargiassi,
+1-212-986-6667, both of Brainerd Communicators, Inc. for CTC Media, Inc.

Web site:

http://www.ctcmedia.ru/

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